Financing closes on distributed generation storage

FlexGen Power Systems has announced a $25.5 million Series A financing round to accelerate deployment of a hybrid energy storage software system.

Aimed at the oilfield and power generation markets worldwide, FlexGen said its software improves the performance and significantly lowers the cost of a wide range of energy storage technologies in utility, consumer, and industrial power systems.

Led by Denver, US-based venture investment firm Altira Group, the financing round includes major investments from the venture arms of industrial giants General Electric and Caterpillar.

FlexGen Founder and CEO Josh Prueher commented: ‘The keys to affordable energy storage are merging state-of-the-art software and power electronics. Our technology squeezes every electron of value out of advanced batteries and ultracapacitors, slashing electricity costs and improving quality and reliability for the customer.’

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